IMF ‘Ready’ to Continue Work with Armenia

Armenia's Prime Minister Hovik Abrahamian and other Armenian officials in a meeting with IMF Managing Director Christine Lagarde and other IMF representatives

YEREVAN (Arka)—The International Monetary Fund (IMF) is ready to continue cooperation with Armenia and to help it enforce more structural reforms, IMF Managing Director Christine Lagarde said during a meeting with Armenian Prime Minister Hovik Abrahamian in Washington, the Armenian government press service said Tuesday.

She was quoted as saying that Armenia is a reliable partner and the IMF will continue to cooperate with it, to promote structural reforms aimed at economic development of the country. Lagarde also said that “the IMF is home to all, and Armenia is a full-fledged member of that family.”

Abrahamian, in turn, praised the cooperation between Armenia and the IMF and the latter’s contribution to the economic development and institutional reforms in Armenia.

“The IMF has been and remains an important partner of Armenia. Macroeconomic stability has been our most important achievement, due also to the IMF support,” he said.

According to the prime minister, the IMF’s new three-year development strategy for Armenia, approved earlier this year by IMF Board of Directors, represents a new stage of development for the Armenian economy. He expressed confidence that the implementation of this program will take Armenia closer to “the camp of countries with emerging markets.”

Abrahamian said that the government is determined to continue reforms in various fields, aimed at developing the economy and improving the country’s competitiveness.

On March 7 the Executive Board of the International Monetary Fund approved a 38-month SDR 82.21 million (about US$127.6 million, or 89.4 percent of Armenia’s quota) Extended Fund Facility (EFF) arrangement with the Republic of Armenia to support the authorities’ economic program.

The program aims to support a rebound in economic activity, further progress in poverty reduction, inflation stabilization, and a reduction in outstanding fiscal and external vulnerabilities.

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5 Comments

Armenia should not be working with this global cartel. Armenians need to learn from the mistakes of countless developing nations around the world that have been enslaved and/or destroyed by the IMF/World Bank.

Armenia is better off sticking with basic commodities export and establishing a blue collar industry with the help of Diaspora and internal investments to slowly stabilize itself over the course of 100 years. The IMF represents financial rape and dependents. Through carefully crafted “stability and growth loans” they goad small vulnerable countries in joining them and introduce the IMF credit card to the government. Small countries become over extended financially and then the line is pulled in to catch the fish. They juice up the interest and small economies and their population have to work to create a meager GDP of which the IMF gets a big chunk through a cycle of never ending interest and debt.

Armenians need to realize that their economy and population can sustain a comfortable and humble standard of living and they can so this without IMF blood sucking loans. But if Armenia wants to become “modern” and live the high life, then only financial slavery awaits out small nation.

The IMF is the playground of the G8 in making smaller states dependent on it for survival and as an extension become slaves of the G8.

Get them the hell out of Armenia, these are criminals that leave a trail of destruction from one nation to the other. Their criminal affiliates in Armenia keep their money and further build our debt. Don’t forget the former country they last helped destroy, Ukraine. We need cooperation with BRICS and private investments with our allies, not the criminal IMF.

What is going on? What emerging markets are these IMF big shots talking about. Enough of selling weapons to the Genocidal Turkey! This is the first thing it has to be done. The rest is a nonesense talk around the table!